4.3.
| Economic Development Authority (EDA) |
| Meeting Date: | 08/08/2024 |
| Primary Strategic Plan Initiative: | {ud_pd8} |
Title:
Consider Recommendation for Approval of 2025 EDA Budget
Purpose/Background:
The purpose of this case is to formulate a recommendation to the City Council on the proposed 2025 EDA Budget.
The EDA Budget and Levy are utilized for a variety of business retention and expansion efforts that promote the growth of employment and tax base in the City of Ramsey. Key investments in the EDA Budget include, but are not necessarily limited to:
The EDA Budget and Levy are utilized for a variety of business retention and expansion efforts that promote the growth of employment and tax base in the City of Ramsey. Key investments in the EDA Budget include, but are not necessarily limited to:
- Community and Economic Development Marketing / Networking Efforts (EDAM, Chambers of Commerce / ACRED, LOIS, Brochures, ICSC (If needed))
- EDA Sponsored Events (Biz Network, Biz Expo, Biz Appreciation)
- Business Retention, Expansion and Recruitment
- Professional Services to supplement Staff on development projects (TIF Analysis, Legal, Environmental, Land Acquisition, Hwy 10 RALF Sales, Demolition, SAC /WAC Loans, Property Mgmt, Plats, Development Agreements, etc.)
- Training (Initial EDFP Certification for CD Director Hanson and continuing education for Sullivan EDFP re-certification)
Notification:
The EDA Meeting has been properly noticed.
Time Frame/Observations/Alternatives:
The 2025 EDA Budget has been reduced (1.1%) from $92,390 to $91,367. The decrease is primarily due to a reduced training budget for the NDC Economic Development Finance Professional (EDFP) training for Community Development Director Stephanie Hanson. This is a one-time expense over two years. Economic Development Manager Sullivan has completed the training and has his EDFP Certification but does utilize EDAM for continuing education to keep his EDFP certification current. Once Community Development Director Hanson's EDFP Training is complete, the training budget can likely be further reduced. The EDA will also be receiving 2024 revenue from the sale of the former Amoco Station site to Complete Auto. The EDA has an unencumbered Fund Balance of 1.392M that can be used for larger projects, potential investment into the EDA Revolving Loan Fund, larger acquisitions and and other special projects,
Review by City Council
The City Council reviewed the overall 2025 Budget and Levy at Work Sessions and will continue to refine the budget. It is possible that these, and future discussions, could impact the final EDA Budget. The City Council is scheduled to adopt the preliminary budget in September 2025.
Review by City Council
The City Council reviewed the overall 2025 Budget and Levy at Work Sessions and will continue to refine the budget. It is possible that these, and future discussions, could impact the final EDA Budget. The City Council is scheduled to adopt the preliminary budget in September 2025.
Funding Source:
The EDA Budget is supported by the EDA Levy. The EDA Levy is collected as part of the City's property tax and counts towards the City's overall Tax Levy.
Recommendation:
Staff recommends the budget as currently proposed.
Outcome/Action:
Motion to adopt the proposed 2025 EDA Budget and Levy as presented / as modified.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Brian Hagen | Brian Hagen | 08/01/2024 12:36 PM |
- Form Started By:
- Sean Sullivan
- Started On:
- 07/26/2024 08:32 AM
- Final Approval Date:
- 08/01/2024